Senator Ron Paul has introduced the Federal Reserve Transparency Act of 2012 (HR459) to the upset of Ben Bernanke, Chairman of the Federal Reserve Bank. In August, the House of Representatives passed 327 – 98 on a vote which exceeded the necessary 2/3rd majority.

Paul, who is pushing for “transparency” in America’s relationship with the Fed, said that Americans are “sick and tired of what happened in the bailout and where the wealthy got bailed out and the poor lost their jobs and they lost their homes.”

The Audit legislation will direct the Government Accountability Office (GAO), which is an independent congressional agency, to oversee a full review of the Fed’s monetary policy while conducting an audit of them and their decisions will be turned over to the Federal Open Market Committee.

In July, the first audit of the Federal Reserve Bank of New York (FRBNY) was published by the Government Accountability Office (GAO). According to Senator Bernie Sanders:
As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world. This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.

During 2007 – 2010, the Federal Reserve banks provided “assistance” of more than a trillion dollars in “emergency loans” to stabilize the financial system.